During the session, the Missouri General Assembly made important investments, locking in and authorizing $94.9 million in federal State Small Business Credit Initiative (SSBCI) funds to be spent in FY 2023. The SSBCI program was reauthorized by the American Rescue Plan Act (ARPA) in 2021 and provided $10 billion to states to expand access to capital for small businesses emerging from the pandemic. Missouri’s share of federal funds was $94.9 million.

House and Senate budget leaders also impressively joined forces to significantly increase the Missouri Technology Corporation’s budget to $30 million. $15 million will be reserved for MTC’s core functions; the other $15 million will be directed towards re-shoring initiatives vital to national security, such as increasing our active pharmaceutical ingredient capacity (of which Missouri is a national leader) and semiconductor manufacturing.  From MOBIO’s perspective, it was impressive to watch the leadership of Senate Appropriations Chair Dan Hegeman and House Budget Chair Cody Smith lead their committees and entire chambers to pass a thoughtful and forward-looking budget for the benefit of the whole state.  For all the gnashing of teeth about what an unproductive session it was in terms of policy bills, the Missouri General Assembly nailed it with their focus on how to allocate revenues best.